Source: Bloomberg News

Austin Mayor Steve Adler wants to borrow $500 million through a bond to build more affordable housing. The move is an attempt to offset the city’s rapid growth in housing prices, push more low-income residents further beyond the city’s limits in search of housing they can afford. The local ABC Affiliate, KVUE News reported in December that apartment prices in the city had risen nearly 30 percent in 2021. The average monthly rent in Austin is now $1,500 according to a recent report by KUT in Austin. Mayor Adler says that the planning is still in the beginning stages and had no details to report but plans to put the bond measure on the ballot in November for Austin voters to decide whether they want to approve the City’s proposal to borrow the money.